Skip to comments.Tribes lining up for federal stimulus bonds - $165 million available for non-casino projects
Posted on 02/12/2010 9:32:59 AM PST by NormsRevenge
San Diego County tribes can share up to $165 million in federal stimulus money, federal officials announced yesterday.
The money in the form of federally guaranteed bonds will go for energy projects, tourism facilities, retail and wastewater treatment, U.S. Treasury officials said.
The local bonds are part of $2 billion in funding the federal government is making available. Half of that total was announced yesterday, with the other half in September.
The Campo Indian band got $30 million. It will use the money to fund its share of a big wind farm it is planning to build on its reservation 60 miles east of San Diego.
We still have to be able to find someone who is willing to fund the project, said Chairwoman Monique LaChappa. Its not just free money.
In addition, the tribe wants to borrow money to build an RV park and improve its sewage plant, she said.
Weve been working really hard, La Chappa said. We know that we need to do some infrastructure development.
Deputy Treasury Secretary Neal Wolin said the tribes will be able to issue either traditional tax-exempt bonds or special Build America Bonds for designated projects. Build America Bonds are taxable, but interest payments are subsidized.
The bonds are intended to help states, local governments and tribes build schools, hospitals, roads and other infrastructure.
The money cannot be used for casinos or other gambling projects.
Most of the San Diego-area tribes getting money for tourism facilities operate casinos.
Such tribes include Viejas with $26.6 million; La Jolla, $22.6 million; and Santa Ysabel, $10.9 million.
The San Pasqual Indian band in Valley Center says it plans to use $22.6 million in bond proceeds for a $72 million all-suite hotel it is building next to the Valley View Casino. It plans to give away rooms in the hotel to high-rollers as a way to reward them for their gambling.
The biggest local beneficiary is the Pauma Indian band, which obtained the ability to borrow $30.7 million for tourism facilities. Tribal officials were not able to say yesterday what they planned to do with the bond proceeds.
Some tribes put in for the stimulus funding without concrete plans because the application deadline was looming and they didnt want to miss out.
The Mesa Grande Indian band, which has a remote reservation northwest of Julian, got $8.2 million for renewable-energy projects.
The tribe has been in talks with a business partner about opening a solar-panel factory and building a solar farm, Chairman Mark Romero said.
We actually have to sit down with these folks and negotiate how this is going to work, the terms and all that, he said. Were not really, at this point, even sure if its something were going to do, but we did want to submit the bond application to ensure that, if we did decide to go forward, we would have the bond money.
Also receiving bond approval were La Posta, $6.6 million, and Jamul, $3.8 million, both for retail projects.
Where do I submit my applications? :-)
Oh wait, I'm just a .. BDWG (Big Dumb White Guy)
This nation is headed for the poorhouse... yet..
If that ain’t enough to stimulate folks to vote in
November and toss da bums out..
When is enough ?
From my experience with living very close to an Indian reservation in South Dakota, Indians vote heavily for the Democrats. The Sioux would not survive if it were not for government handouts. They live on government plantations. If you ever want to see the affects of socialism, visit a Sioux reservation. Incest, abuse, alcoholism, and gangs are rampant. The more the government helps them, the worse things become.
Do they want a dependent nation in place of their sovereign nation?